It's ironic that these banks doesn't want to recognize bitcoin due to its bad reputation towards scam/illegal activities and yet here they are, putting their investors money from their hand to frauds. What a waste! They don't see the reality that it isn't about the currency (fiat/crypto) , it's about the people who uses it.

Think, what will happen if Bitcoin/cryptocurrencies is legalized in India when a billionaire scams a bank among top 5 banks

What a waste! They don't see the reality that it isn't about the currency (fiat/crypto) , it's about the people who uses it.

They know what's going on, but they just don't care because they have to continue running their criminal empire in the way they have been doing it for decades. Bitcoin is a disturbing factor because it grants people an alternative option, which is something people didn't really have before. Banks want to drag you further down by showering you as average person in debt.

All they care about is that you continuously are filling up their pockets, and that's exactly what has been happening.

Banks are amongst the worst criminals ever and they don't ever try to better themselves, because why would they? This system allows them to do it. They keep gambling on financial markets with people's assets, and when the book billions in profits they privatize them, and when they book billions in losses, they socialize all the losses where the average person ends up paying for their actions.

That might seems huge amount for us but in perspective of whole country it is really not much amount. However it will does affect the bank economic sphere for sure because it is huge amount in that much sphere. PNB will have to repay ex share to the reserves as that amount has been confiscated forever now and may not be obtained by the bank itself. They might cease the Nirav Modi's assets in India but that surely wont be enough. As whole I dont see any effect of this on the country's economy at all. I mean there would have been some sort of loan over India taken from another country which they failed to payback then that could have been worst case scenario.

What happens to India? I thought that this country has good citizens. In fact, when I read the history about India, it is a country where we can find warm hearted people because of their beliefs. As of now, I am just currently scammed by an Indian Project also and all I can say that some Indians, destroy the goodness of their countrymen. Almost 6K banks are fraud in India, well it is quiet unrelated in cryptocurrency but the worst here is that, we should take care of our money because even banks, they are untrustworthy.

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

Thanks for sharing this information now. As I’m doubtful of the motives of bank officials restrictions on cryptocurrency and this is the reason why. They cant even handle this obvious fraud activity what more they can do if scamming using blockchain technology will happen. And they surely want to divert the attention of the public from this multiple frauds and bitcoin is a big excuse, honestly it works.

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There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

Wow, It's a high amount of fraud banks in India I didn't know that. Of course, it's too bad for the economy if banks did some fraud activities, Furthermore the scammed amount is too high, so it will affect surely the economy there, I don't know why they did that because they work for their own country, It's a shameless thing to do.

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

There is a difference between first 3 months of 2018 and last financial year(12 consecutive months), the creator of this post has exaggerated the facts to make it more attractive. All the details have been revealed in the following tweet:

Never the less the amount of fraud cases is immensely high and if the country need to develop they need to fix these loopholes asap. This will hit the economy of the country very badly as the pressure from world bank on country rises which creates pressure on the population of the country. The best solution could be to introduce blockchain technology in banks to have an independent system.

There is a difference between first 3 months of 2018 and last financial year(12 consecutive months), the creator of this post has exaggerated the facts to make it more attractive. All the details have been revealed in the following tweet:

Last year, Indian media reported, Indian army carried out military operations across the border. After 2 days, Indian military replied "no military action happened"

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

Yes.It will lead to the worst condition in India economy.The people in India are forced to pay.For this government of india had started the CGST.By this people of India going to pay additional taxes .If any one one from India,I suggest them to inverse in bitcoin instead of holding on useless banks.

Well, this is to show us that fraud activities do not only tuns or happens in the bitcoin or cryptocurrency only. I know that if that this event has anything to do with cryptocurrency, particularly bitcoin, the government would have painted it a very bad name by spread FUD which will cause another major dips in the price of bitcoin. I just hope they don't link this to bitcoin.

Terrible news, 5904 bank frauds? I am very difficult to believe it, but it is so sad, so bad the banking system in India, they can not provide security guarantee to the customers, it will be very disturbing economy in India, if this is not properly handled, then the customers will not trust the bank anymore.

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

Do you mean how will this affect their economy?This shows how venerable banking system can also be, hacking and fraud is not peculiar only to blockchain technology alone, personally i think government should embrace this technology, provide good atmosphere for it, improve on what is already on ground rather than allowing the media to manipulate it anyhow.

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

Yes.It will lead to the worst condition in India economy.The people in India are forced to pay.For this government of india had started the CGST.By this people of India going to pay additional taxes .If any one one from India,I suggest them to inverse in bitcoin instead of holding on useless banks.

Banks should be the first place to protect your money but this kind of situation really makes account holders to panic and not to trust banks anymore. Scammers is everywhere if the banks can protect its own system then there is something wrong on that. Maybe this is the reason why they are trying to ban cryptocurrency on their place, I hope that Indian citizen will be enlightened by this scenario think if you can still afford to lose money because of the negligence of your bank.

When bank being fraud , it means that a lot of India's bureaucracy is not professional enough and of course they must responsible with people's money.When people put their money on the bank, the bank must be verified but if the bank become the fraud , civilian have their right to get their money !

Fraud is dangerous not only for the country's economy but also has a negative impact on the Bank's reputation.The fraud was carried out in the interests of several account holders.Other creditors may suffer as a result. Law enforcement authorities still do not know what loss it can bring to other branches.Can law enforcement agencies cancel these transactions?Does the Bank have the funds to cover the losses from these transactions and return this amount?

When bank being fraud , it means that a lot of India's bureaucracy is not professional enough and of course they must responsible with people's money.When people put their money on the bank, the bank must be verified but if the bank become the fraud , civilian have their right to get their money !

Indian Cricket team captain "Virat kohli" would endorse Punjab national bank